Bankruptcy proceedings of a credit institution

Statement, economic treatment, additional management and settlement agreement under Regulations on Insolvency (Bankruptcy) shan’t use.
Bankruptcy cases — a bankruptcy procedure applicable for the credit company, declared bankrupt as a way to commensurate fulfillment of creditors’ claims. Put simply, bankruptcy cases — a liquidation phase competitive process.
The use of the arbitral tribunal to file the credit institution bankrupt along with the opening of bankruptcy cases could be the inability to revive its solvency.
The term of bankruptcy proceedings might not exceed 12 months. The arbitral tribunal may extend this period at the request of the individual active in the case, only 6 months. To prolong the bankruptcy proceedings should be a unique need (for example, more profitable purchase of the consumer’s property and, consequently, a far more complete satisfaction of creditors), and the situations that open such a need must be reflected within the determination of the arbitral tribunal around the extension of the bankruptcy proceedings. Around the basis of this choice is made, which should take effect immediately and may be appealed prior to the Law on Indebtedness (Bankruptcy) (t. E. Within 2 weeks of the adoption only on appeal, your choice of which is final).
Because the ownership of the arbitral tribunal to announce the credit institution bankrupt and the beginning of bankruptcy cases occur following consequences:

  1. The continuing effects withdrawal of a credit institution licensed to conduct banking transactions under Art. 20 of the Federal Law «On Banks and Banking», including in the case of the entry after the opening of bankruptcy proceedings into force of the Arbitration Court to invalidate the order of the Bank of Russia on the withdrawal of a credit institution such license;
  2. information about the financial condition of the credit company is fired towards the information thought to be sensitive or trade key parts (we’re speaking no more than the info about the economic status of the debtor);
  3. execution of transactions, assignment of assets of the credit institution or entail the transfer of its assets to third parties in the possession and use is permitted solely for such provision;
  4. all claims of creditors on monetary obligations of the mandatory payments, other property claims, except claims for recognition of property rights, moral damages, for the recovery of property from unlawful possession of invalidation of transactions, the application of the consequences of their invalidity, as well as requirements for current obligations, may be brought only in the order of the bankruptcy proceedings;
  5. executive documents, the execution of which ended in accordance with the Federal Law «On Insolvency (Bankruptcy)», to be transferred to bailiffs, as well as agencies and organizations comply with the requirements of judicial acts and acts of other bodies bankruptcy manager;
  6. removed earlier seizure of property of the credit institution and other restrictions disposition of property of the credit institution. The grounds for removal attachment of property of the credit institution is the decision of the arbitral tribunal to declare the credit institution bankrupt and the opening of bankruptcy proceedings. While avoiding the imposition of new arrests on the property of the credit institution and other restrictions disposition of its assets.

Since the adoption of the arbitral tribunal to declare the credit institution bankrupt and the opening of bankruptcy proceedings controls a credit institution excluded from performing the functions for managing and administering the assets of the credit institution.
When making a decision to declare the credit institution bankrupt and the opening of bankruptcy proceedings, the arbitral tribunal shall approve the candidacy of the bankruptcy trustee and the bankruptcy trustee remuneration, what makes the determination. Bankruptcy trustee is valid until the date of completion of bankruptcy proceedings.
Bankruptcy trustee is obliged to act in good faith and reasonable, taking into account the rights and legitimate interests of creditors, credit institution, society and the state.
Bankruptcy trustee since his appointment the following functions:

  • accepts the jurisdiction of the property of a credit institution conducts its inventory and assessment and takes measures to ensure its safety. To carry out such activities bankruptcy trustee is entitled to engage appraisers and other professionals and payment for their services due to the property of a credit institution, unless otherwise provided by the meeting of creditors or the creditors committee. If the property of a credit institution to be sold during the bankruptcy proceedings, is real estate, the property is valued before the sale by an independent appraiser, unless otherwise provided by the meeting of creditors or the creditors’ committee;
  • analyzes the financial condition of the credit institution;
  • imposes on third parties in arrears to the lending institution, the requirements of its collection;
  • notify employees of the credit institution of impending dismissal within one month from the date the bankruptcy proceedings;
  • claims in the prescribed manner the objections of the charges of the credit institution creditors’ claims;
  • establishes the claims of creditors;
  • maintain a register of creditors’ claims;
  • takes measures to search, identify and return of property of the credit institution, held by third parties;
  • shall be deposited in the Archive Fund of the Russian Federation of the credit institution documents that require storage in accordance with federal laws and other legal acts of the Russian Federation;
  • shows signs of deliberate and fraudulent bankruptcy.

In exercising its discretion the bankruptcy trustee to sue to invalidate the transactions made by the credit institution, for the recovery of the property of a credit institution held by third parties, to terminate the contracts concluded by the credit organization, and perform other actions stipulated by laws and other legal acts of the Russian Federation, aimed the return of the property of the credit institution.
Bankruptcy trustee may also file a claim against a third party who, in accordance with the legislation of the Russian Federation shall be vicariously liable for the obligations of the credit institution in connection with bringing it into bankruptcy.
Amounts recovered, with the above requirements are included in the bankruptcy estate (all the property of the credit institution, available on the opening day of the bankruptcy proceedings and the discovery during the bankruptcy proceedings) and can only be used to meet the claims of the creditors in order of priority established by the Law on Insolvency (Bankruptcy) .
Of the property of a credit institution which is the bankruptcy estate, the property is excluded mortgage collateral in accordance with the law on bankruptcy of credit institutions and other assets are excluded from the bankruptcy estate in accordance with the legislation of the Russian Federation.
If there is a property of a credit institution of property belonging to social objects, as well as the use of social housing, which is not included in the bankruptcy estate in accordance with the Law on Bankruptcy, the transfer (sale) of the property shall be the bankruptcy trustee in the manner and subject to the conditions are established by that law.
Fulfillment of obligations to creditors of the credit institution in the course of bankruptcy proceedings carried out in the order established by the Law on Bankruptcy. Out of order at the expense of the estate are performed current obligations of the credit institution under the Law on bankruptcy of credit institutions, namely:

  1. the obligation to pay debts incurred prior to the date of the withdrawal of a credit institution licensed to conduct banking operations, for work performed (services) related to the continuation of the operation of a credit institution within the cost estimates approved by the Bank of Russia in accordance with the Law on Banks and Banking;
  2. liabilities, the base of which occurred in the period from the date of the withdrawal of a credit institution licensed to conduct banking transactions until the day of completion of the bankruptcy proceedings, including:
    The obligation to pay the costs associated with the continuation of the operation of a credit institution, including the remuneration of persons employed under an employment contract, payment of severance benefits to these individuals in case of dismissal;
    The obligation to pay compensation bankruptcy trustee accredited with the Bank of Russia;
    The legal costs of the credit institution, the cost of publication of the notice relating to the production of the bankruptcy proceedings;
  3. the obligation to pay mandatory payments arising in the period from the date of the withdrawal of a credit institution licensed to conduct banking operations before the opening of bankruptcy proceedings, as well as the obligation to pay mandatory payments arising in the course of the bankruptcy proceedings under compensation of employees of the credit institution;
  4. the obligation to withhold funds from the wages of employees of the credit institution, paid in connection with the performance of duties in the period from the date of the withdrawal of a credit institution licensed to conduct banking transactions and to the date of completion of bankruptcy proceedings, as well as the obligation to transfer the amounts of such deductions in accordance with the the legislation of the Russian Federation (alimony, tax on personal income, union dues and other payments imposed on the employer in accordance with federal law).

The sequence in which the current liabilities of the credit institution is determined in accordance with the Civil Code.

First of all satisfied:
1) the requirement of individuals to whom the credit institution is responsible for causing harm to their life or health, through capitalization of corresponding time payments, as well as a compensation for moral damages;
2) the requirement of individuals who are creditors of the credit institution to conclude treaties bank deposit and (or) bank account agreement;
3) the requirement of the Bank of Russia, passed to him as a result of payments on deposits of individuals in the bankrupt banks not participating in the compulsory deposit insurance in banks of the Russian Federation.

The claims of each priority shall be satisfied after the full satisfaction of the previous turn.
Satisfaction of creditors of the first stage is carried out in two stages:
  • In order of advance payments, claims of creditors of the first stage of the credit institution, which on the date of the revocation of its license by the Bank of Russia to conduct banking operations are not party to the deposit insurance system;
  • In order of final payment claims of creditors of the first stage, the remaining not satisfied in order advance payments.
 The implementation of pre-payments to creditors of the first stage is directed 70% of funds in the accounts of the credit institution on the day of expiry (two months) making claims of creditors of the first stage for the purpose of pre-payments.
In case of insufficiency of funds of the credit institution, they are distributed among the creditors in proportion to the amount of the corresponding queue requirements to be satisfied.
Repayment of creditors’ claims are considered, as well as those requirements in respect of which there are other grounds for termination of obligations. Claims of creditors are not satisfied due to lack of property of the debtor shall be considered as canceled.
After completion of settlements with creditors, the liquidation balance sheet reconciliation, as well as the dismissal of the bankruptcy case, the bankruptcy trustee shall submit to the Court of Arbitration report on the results of the bankruptcy proceedings. Bankruptcy trustee shall attach to the report documents confirming the sale of the property of the credit institution; register of creditors; documents confirming the settlement of claims of each of the creditors.
Upon consideration of the report of the bankruptcy trustee on the results of the bankruptcy proceedings the arbitral tribunal shall issue a ruling on the completion of the bankruptcy proceedings, and in the case of fulfillment of all claims of creditors specific subject definition of termination of the bankruptcy proceedings, which are directed bankruptcy manager and the Bank of Russia.
Determination of the completion of the bankruptcy proceedings and decision on the termination of proceedings shall take effect immediately. In the case of making such a determination decision of the arbitral tribunal to declare the credit institution bankrupt and the opening of bankruptcy proceedings can no longer be enforceable.
Bankruptcy trustee shall within thirty days from the date of the determination of the completion of the bankruptcy proceedings to provide the Bank of Russia determination of the arbitral tribunal and other documents in accordance with the Federal Law of August 8, 2001 129-FZ «On State Registration of Legal Entities and Individual Entrepreneurs» and law on banks and Banking.
If the assets of the credit institution in respect of which the decision on liquidation are insufficient to meet the claims of the creditors of the credit institution, such credit institution is liquidated in the manner prescribed by the Bankruptcy Law of Credit Institutions.
Speaking of bankruptcy absent credit institution, Bankruptcy Law of Credit Institutions in Article 52 provides that in cases where the credit institution the debtor actually ceased operations, missing, or if you set its location of its head is not possible, a statement on the recognition of such credit organization bankrupt may be filed bankruptcy creditor or authorized body, as well as the Bank of Russia, regardless of the size of accounts payable.
Arbitration Court within thirty days from the date of acceptance to the production application for recognition of a missing credit organization bankrupt shall decide on the recognition of the missing credit organization — the debtor bankrupt and the opening of bankruptcy proceedings. Bankruptcy trustee missing credit organization — the debtor is approved by the Agency. For the exercise of the powers of the bankruptcy trustee missing credit organization — debtor Agency fee is not assigned.
Bankruptcy trustee must give written notice to all known creditors of the bankruptcy absent credit institution, creditors period of thirty days from the date of receipt of the notice to make claims, can submit their claims bankruptcy manager.
At the request of the bankruptcy trustee upon detection of their property missing credit organization — debtor arbitral tribunal may decide to terminate the simplified procedure of bankruptcy and the transition to filing for bankruptcy.
The decision of the arbitral tribunal for bankruptcy absent credit institution to the Bank of Russia, as well as to the federal executive body responsible for state registration of legal entities, which contributes to the Companies House record that the credit institution is in the process of liquidation.
ConclusionBankruptcy Law of Credit Institutions shall determine the procedures and conditions for implementation of measures to prevent the insolvency of credit institutions, especially regulates the grounds and procedures for the recognition of credit institutions insolvent, eliminate them in order of bankruptcy proceedings.
A feature of the Insolvency (Bankruptcy) is that only the bankruptcy of credit institutions is in bankruptcy. The adoption of the arbitral tribunal unique solution for credit institutions — the opening of bankruptcy proceedings allows to remove bodies of the credit organization to perform functions on management and disposal of property of the credit institution immediately. Thus, the «former» management of the debtor can not withdraw the already «poor» credit organization.
Bankruptcy proceedings bankruptcy proceedings applicable to the debtor declared bankrupt, in order to meet creditors’ claims. Upon satisfaction of creditors ‘claims should be noted the social orientation of the law, since the requirements of employees of the debtor for payment of their salaries precedence over the claims of creditors under obligations secured by a pledge and creditors’ claims on obligatory payments to the budget and extra-budgetary funds.

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